KUALA LUMPUR: The Agreement on Reciprocal Trade (ART) between Malaysia and the United States provides some level of relief for businesses as the tariff rate now remains at 19%, says Datuk Seri Amir Hamzah Azizan.
The Finance Minister II said the deal needed to be looked at comprehensively.
“What we have done is the best deal (under the circumstances),” he said when winding up committee-level debates on the Supply Bill 2026 in the Dewan Rakyat on Thursday (Nov 6).
He said Malaysia’s views had been taken into account in the drafting of the agreement.
“What is more important is that we can move forward and there will be no more doubts on the level of tariffs. It has been set at 19%.”
“This will provide some relief to industries in Malaysia and it can bring foreign direct investment (FDI) into the country,” he added.
He said this was the government’s approach at this juncture.
Amir Hamzah was responding to queries by several Opposition MPs on the deal.
Syahir Che Sulaiman (PN-Bachok) had asked for the ministry’s stance on the deal as only Prime Minister Datuk Seri Anwar Ibrahim and Investment, Trade, and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz were the ones responding to the question regarding the deal signed during the recently concluded 47th Asean Summit and Related Summits.
“The Finance Ministry also has a role to play in giving advice on financial matters and the economy as well as on international relations,” said Syahir.
Datuk Seri Shahidan Kassim (PN-Arau) sought clarification on what Article 3.3 in the agreement meant.
Datuk Radzi Jidin (PN-Putrajaya) asked what the implications of the agreement were on taxes, government revenue and government-linked companies and government-linked investment companies.
Radzi said the matter was important as it would have implications on government revenue.
